Nevada Revised Statutes
Chapter 87A - Uniform Limited Partnership Act (2001)
NRS 87A.340 - Limited duties of limited partners.


1. A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.
2. A limited partner shall discharge the duties to the partnership and the other partners under this chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
3. A limited partner does not violate a duty or obligation under this chapter or under the partnership agreement merely because the limited partner’s conduct furthers the limited partner’s own interest.
(Added to NRS by 2007, 456)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 87A - Uniform Limited Partnership Act (2001)

NRS 87A.005 - Short title.

NRS 87A.010 - Definitions.

NRS 87A.015 - "Certificate of limited partnership" defined.

NRS 87A.020 - "Contribution" defined.

NRS 87A.025 - "Debtor in bankruptcy" defined.

NRS 87A.030 - "Designated office" defined.

NRS 87A.035 - "Distribution" defined.

NRS 87A.040 - "Foreign limited partnership" defined.

NRS 87A.045 - "Foreign registered limited-liability limited partnership" defined.

NRS 87A.050 - "General partner" defined.

NRS 87A.055 - "Limited partner" defined.

NRS 87A.060 - "Limited partnership" defined.

NRS 87A.065 - "Partner" defined.

NRS 87A.070 - "Partnership agreement" defined.

NRS 87A.075 - "Person" defined.

NRS 87A.080 - "Person withdrawn as a general partner" defined.

NRS 87A.085 - "Principal office" defined.

NRS 87A.095 - "Registered agent" defined.

NRS 87A.100 - "Registered limited-liability limited partnership" defined.

NRS 87A.105 - "Required information" defined.

NRS 87A.108 - "Restricted limited partnership" defined.

NRS 87A.120 - "State" defined.

NRS 87A.130 - "Transfer" defined.

NRS 87A.135 - "Transferable interest" defined.

NRS 87A.140 - "Transferee" defined.

NRS 87A.145 - Applicability.

NRS 87A.147 - Secretary of State authorized to adopt certain regulations to allow limited partnership to carry out powers and duties through most recent technology.

NRS 87A.150 - Knowledge and notice.

NRS 87A.155 - Nature, purpose and duration of entity; prohibition against organization for certain illegal purposes.

NRS 87A.160 - Powers.

NRS 87A.165 - Governing law.

NRS 87A.170 - Supplemental principles of law; rate of interest.

NRS 87A.175 - Name of partnership: Distinguishable name required; limitations; availability of name of forfeited, merged or otherwise terminated partnership; regulations.

NRS 87A.180 - Name of partnership: Reservation; transfer of right to exclusive use of reserved name.

NRS 87A.185 - Name of partnership: Reinstatement or revival under old or new name; regulations.

NRS 87A.190 - Effect of partnership agreement; nonwaivable provisions.

NRS 87A.195 - Information required to be maintained at principal office in State or with custodian of records.

NRS 87A.200 - Statement to be maintained at principal office or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 87A.203 - Manner of storage of records; conversion of electronic records into clear and legible paper form; admissibility in evidence of electronic records.

NRS 87A.205 - Business transactions of partner with partnership.

NRS 87A.210 - Dual capacity.

NRS 87A.215 - Registered agent required; maintenance of records at principal office in State or with custodian of records; change of address.

NRS 87A.220 - Registered agent: Revocation of appointment; change of name.

NRS 87A.225 - Resignation of registered agent or termination of registration of commercial registered agent.

NRS 87A.230 - Consent and proxies of partners.

NRS 87A.235 - Formation of limited partnership; certificate of limited partnership.

NRS 87A.237 - Penalty for purporting to do business as limited partnership without registration; enforcement; regulations.

NRS 87A.240 - Amendment or restatement of certificate.

NRS 87A.245 - Statement of termination.

NRS 87A.250 - Signing of records.

NRS 87A.255 - Signing and filing pursuant to judicial order.

NRS 87A.260 - Form required for filing of records.

NRS 87A.265 - Procedure to submit replacement page to Secretary of State before actual filing of record.

NRS 87A.270 - Filing of records written in language other than English.

NRS 87A.275 - Correction of inaccurate or defective record filed with Secretary of State; cancellation of filings.

NRS 87A.280 - Partnership records: Microfilming; imaging; return.

NRS 87A.285 - Liability for false information in filed record.

NRS 87A.290 - Annual list: Filing requirements; fees; notice; regulations.

NRS 87A.295 - Additional filing requirements for certain partnerships: Criteria; statement; fees.

NRS 87A.300 - Certificate of authorization to transact business; identification of defaulting partnerships; reinstatement of partnership which is unit-owners’ association; forfeiture and penalty.

NRS 87A.305 - Defaulting partnerships: Duties of Secretary of State; revocation of certificate; assets held in trust.

NRS 87A.310 - Defaulting partnerships: Conditions and procedure for reinstatement.

NRS 87A.313 - Renewal or revival of certificate: Procedure; fee; certificate as evidence; status of partnership.

NRS 87A.315 - Fees.

NRS 87A.320 - Becoming limited partner.

NRS 87A.325 - No right or power as limited partner to bind limited partnership.

NRS 87A.330 - No liability as limited partner for limited partnership obligations.

NRS 87A.335 - Right of limited partner and former limited partner to information.

NRS 87A.340 - Limited duties of limited partners.

NRS 87A.345 - Person erroneously believing self to be limited partner.

NRS 87A.350 - Becoming general partner.

NRS 87A.355 - General partner agent of limited partnership.

NRS 87A.360 - Limited partnership liable for actionable conduct of general partner.

NRS 87A.365 - Liability of general partner.

NRS 87A.370 - Actions by and against partnership and partners.

NRS 87A.375 - Management rights of general partner.

NRS 87A.380 - Right of general partner and former general partner to information.

NRS 87A.385 - General standards of conduct of general partner.

NRS 87A.390 - Form of contribution.

NRS 87A.395 - Liability for contribution.

NRS 87A.400 - Sharing of distributions.

NRS 87A.405 - Interim distributions.

NRS 87A.410 - No distribution on account of withdrawal.

NRS 87A.415 - Distribution in kind.

NRS 87A.420 - Right to distribution.

NRS 87A.425 - Limitations on distribution.

NRS 87A.427 - Limitations on distributions applicable to restricted limited partnerships.

NRS 87A.430 - Liability for improper distributions.

NRS 87A.435 - Withdrawal as limited partner.

NRS 87A.440 - Effect of withdrawal as limited partner.

NRS 87A.445 - Withdrawal as general partner.

NRS 87A.450 - Power of person to withdraw as general partner; wrongful withdrawal.

NRS 87A.455 - Effect of withdrawal as general partner.

NRS 87A.460 - Power to bind and liability to limited partnership before dissolution of partnership of person withdrawn as general partner.

NRS 87A.465 - Liability to other persons of person withdrawn as general partner.

NRS 87A.470 - Transferable interest of partner.

NRS 87A.475 - Transfer of transferable interest of partner.

NRS 87A.480 - Rights and remedies of creditor of partner.

NRS 87A.485 - Power of estate of deceased partner.

NRS 87A.488 - Dissolution of partnership whose certificate has been revoked without additional fees and penalties; regulations.

NRS 87A.490 - Nonjudicial dissolution.

NRS 87A.495 - Judicial dissolution.

NRS 87A.500 - Winding up.

NRS 87A.505 - Power of general partner and person withdrawn as general partner to bind partnership after dissolution.

NRS 87A.510 - Liability after dissolution of general partner and person withdrawn as general partner to limited partnership, other general partners and persons withdrawn as general partner.

NRS 87A.515 - Known claims against dissolved limited partnership.

NRS 87A.520 - Other claims against dissolved limited partnership.

NRS 87A.525 - Liability of general partner and person withdrawn as general partner when claim against limited partnership barred.

NRS 87A.530 - Disposition of assets; when contributions are required.

NRS 87A.535 - Governing law.

NRS 87A.540 - Filing requirements; prohibition against registration for certain illegal purposes; required provisions of application for registration.

NRS 87A.545 - Issuance of certificate of registration by Secretary of State.

NRS 87A.550 - Registration of name.

NRS 87A.555 - Amendments to application for registration.

NRS 87A.560 - Annual list: Filing requirements; fees; powers and duties of Secretary of State; regulations.

NRS 87A.565 - Additional filing requirements for certain partnerships: Criteria; statement; fees.

NRS 87A.570 - Certificate of authorization to transact business.

NRS 87A.575 - Addresses of general partners required; failure to file.

NRS 87A.580 - List or statement to be maintained at principal office in State or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 87A.585 - Defaulting partnerships: Identification; forfeiture of right to transact business; penalty.

NRS 87A.590 - Defaulting partnerships: Duties of Secretary of State.

NRS 87A.595 - Defaulting partnerships: Conditions and procedure for reinstatement.

NRS 87A.600 - Defaulting partnerships: Reinstatement or revival under old or new name; regulations.

NRS 87A.602 - Cancellation of registration without additional fees and penalties; regulations.

NRS 87A.605 - Cancellation of registration.

NRS 87A.607 - Renewal or revival of right to transact business: Procedure; fee; certificate as evidence; status of partnership.

NRS 87A.610 - Penalty for transacting business without registration; enforcement; regulations.

NRS 87A.615 - Activities not constituting transaction of business.

NRS 87A.620 - Determination of whether solicitation is made or accepted.

NRS 87A.625 - Action by Attorney General to restrain transaction of business.

NRS 87A.630 - Filing requirements; prohibition against registration for certain illegal purposes; required and optional provisions of certificate of registration.

NRS 87A.632 - Penalty for purporting to do business as registered limited-liability limited partnership without registration; enforcement; regulations.

NRS 87A.635 - Name of partnership: Distinguishable name required; limitations; availability of name of forfeited, merged or otherwise terminated partnership; regulations.

NRS 87A.640 - List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 87A.645 - Termination of registration.

NRS 87A.650 - Status of partnership and liability of partners not affected by errors in certain filed information.

NRS 87A.652 - Penalty for purporting to transact business as foreign registered limited-liability limited partnership without registration; enforcement; regulations.

NRS 87A.655 - Name of foreign partnership.

NRS 87A.660 - Direct action by partner.

NRS 87A.665 - Derivative action.

NRS 87A.670 - Proper plaintiff.

NRS 87A.675 - Pleading.

NRS 87A.680 - Proceeds and expenses.

NRS 87A.685 - Uniformity of application and construction.

NRS 87A.690 - Relation to Electronic Signatures in Global and National Commerce Act.

NRS 87A.695 - Provisions for existing partnerships.

NRS 87A.700 - Operation of domestic partnership in another jurisdiction.